Share prices gain on upbeat sentiment

Local stocks on Monday gained for a third session as risk appetite across the region was boosted by a bailout deal for Cyprus.

The main-share Philippine Stock Exchange index surged by 78.88 points, or 1.21 percent, to close at 6,597.59.

The day’s gains were led by the property counter (+2.28 percent) while the financial, industrial and services counters also rose by over 1 percent.

Value turnover amounted to P8.98 billion.

There were 99 advancers against 64 decliners, while 34 stocks were unchanged.

The biggest index gainers were ALI (+3.69 percent), Bloomberry (+3.68 percent) and AGI (+3.34 percent).

Investors also snapped up shares of MPI, Metrobank, AP, JFC, Megaworld, URC and ICTSI.

On the other hand, the day’s gains were tempered by the decline of Semirara, Meralco, BDO, DMCI and MWC.

The Holy Week is usually a time for the local stock market to hunt for bargains. Also, window-dressing activities aided trading.

Markets across the region were upbeat as Cyprus struck a $13-billion international bailout deal, as it narrowly averted a financial meltdown. Doris C. Dumlao